DOCSLIB.ORG

Paper to Be Presented at the International Conference

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Paper to Be Presented at the International Conference Andrey Shevchuk, Denis Strebkov FREELANCE CONTRACTING IN THE DIGITAL AGE: INFORMALITY, VIRTUALITY AND SOCIAL TIES BASIC RESEARCH PROGRAM WORKING PAPERS SERIES: SOCIOLOGY WP BRP 12/SOC/2012 This Working Paper is an output of a research project presented at a workshop / conference at the National Research University Higher School of Economics (HSE). Any opinions or claims contained in this Working Paper do not necessarily reflect the views of HSE. SERIES: SOCIOLOGY Andrey Shevchuk 1, Denis Strebkov2 FREELANCE CONTRACTING IN THE DIGITAL AGE: INFORMALITY, VIRTUALITY AND SOCIAL TIES3 Based on a sample of 5,784 Russian-speaking respondents, this study provides the first quantitative evidence on freelance contracting via the Internet. We explore the extent to which these virtual business relations are formal or informal, and the role of social capital and networking. Our data suggest freelancers act under constant threat of malfeasance from clients. We address a number of questions associated with freelancers’ business risks and how freelancers might mitigate them. The logistic regression models reveal that the virtualization of relationships with clients is associated with greater moral hazard risks and fewer opportunities for dispute resolution. Formal written contracts do not prevent opportunistic behaviors by clients, though such contracts help resolve conflicts. Dealing with available social contacts and referrals decreases both the probability of extreme opportunism, causing financial losses, and the probability that disputes remain unresolved. Nevertheless, established social relations could be exploited by clients who can delay payments or insist on altering deadlines, work scope and specifications. Thus, our findings contribute to existing literatures on social capital in freelance contracting and on the structure of occupational labor markets. JEL Classification: Z13. Keywords: freelancers, independent contractors, self-employment, Internet, opportunism, social capital 1 National Research University Higher School of Economics. Laboratory for Studies in Economic Sociology. Senior Researcher; E-mail: [email protected] 2 National Research University Higher School of Economics. Laboratory for Studies in Economic Sociology. Senior Researcher; E-mail: [email protected] 3 Presented at the International conference "Embeddedness and Beyond: Do Sociological Theories Meet Economic Realities?" Moscow, Russia, October 25-28, 2012. Introduction For several decades, commentators have been tracing the gradual erosion of internal labor markets and growing reliance of firms on various types of externalized labor (Handy 1989; Cappelli 1999; Beck 2000; Kalleberg 2011). Although many workers are forced into nonstandard work arrangements, for others, loosening attachment to organizations provides the opportunities to accommodate their wants, preferences and individualized lifestyles (Cohany 1998; Marler, Woodard Barringer, and Milkovich 2002). Highly skilled professionals in particular may experience increased work autonomy and greater financial gains by moving into open markets (Barley and Kunda 2004, 62; Osnowitz 2010, 54). Recent improvements in information and communication technologies (ICTs) provide new opportunities for individual work autonomy while facilitating effective coordination. In 1998, Malone and Laubacher (1998, 146) imagined the possibilities of an “e-lance economy” provided by the Internet: The fundamental unit of such an economy is not the corporation but the individual. Tasks aren’t assigned and controlled through a stable chain of management but rather are carried out autonomously by independent contractors. These electronically connected freelancers – e-lancers – join together into fluid and temporary networks to produce and sell goods and services. When the job is done – after a day, a month, a year – the network dissolves, and its members become independent agents again, circulating through the economy, seeking the next assignment. This vision looked like futurist speculation, but soon became reality. Since the late 1990’s, dedicated online marketplaces have been offering comprehensive technical infrastructure and institutional support for electronic freelancers and their clients. Our knowledge of freelance contracting on the Internet is limited. Literature on professional contracting is either speculative or based on qualitative studies (Pink 2001; Barley and Kunda 2004; Osnowitz 2010). In this paper we explore the structure of e-markets for remote professional services and address several specific questions. Do formal written contract guarantee an adherence to established agreements? Does virtual communication really increase the risk of moral hazard? Could social ties prevent opportunistic behavior? To answer these questions we use unique quantitative data from the Russian Freelance Survey (2011) and logistic regression models. This paper is organized as follows. First, we set up research framework by defining freelance contracting, overviewing the history and main features of freelance e-markets and discussing the risks of freelance contracting. Then, we formulate research questions, describe our data and methods. Finally, we present and discuss empirical findings. 3 Defining freelance contracting Standard employment systems in advanced industrial societies are characterized by full- time work for an employer organization done on a fixed schedule, at employer-owned locations, under the employer's administrative control, with open-ended employment contract duration (Kalleberg, Reskin, and Hudson 2000, 257–258). Recently there has been a well-documented trend towards nonstandard work arrangements (Smith 1997; Kalleberg 2000; Connelly and Gallagher 2004; Ashford, George, and Blatt 2007) that externalize employment relationships, moving various aspects of work outside the organization (Pfeffer and Baron 1988; Kalleberg, Reynolds, and Marsden 2003; Ashford, George, and Blatt 2007). Firms increasingly rely on workers who are not their regular, full-time employees, such as on-call and day labor;workers from temporary and contract employment agencies; short-term and contingent workers; independentcontracting ; and other forms of self-employment (Kalleberg, Reskin, and Hudson 2000, 258). Existing literature disproportionally covers topics related to nonstandard employment (Kunda, Barley, and Evans 2002, 235–236). The largest body of literature focuses on employer rationales for using externalized labor and ignores individuals’ experience (Davis-Blake and Uzzi 1993; Abraham, Taylor, and Benner 1996; Uzzi and Barsness 1998; Houseman 2001; Kalleberg, Reynolds, and Marsden 2003). Studies of relatively low-skilled occupations are more prevalent than those examining highly skilled professionals. Forms of nonstandard employment as part-time, temporary or casual workers are over-represented compared to independent contractors (Rogers 2000; Hatton 2011). Our study addresses these gaps, focusing on highly skilled professionals working as independent service providers. Many terms can describe the workers in this paper: independent contractors; contract professionals; consultants; free agents; and freelancers. Although often used interchangeably, they have different connotations in various occupational, cultural and legal contexts. We choose the term “freelancer” because our respondents describe themselves this way. We also want to separate freelancing from dependent forms of self-employment (Connelly and Gallagher 2006; Muehlberger 2007). Freelancers have minimal attachment to firms and represent an extreme form of externalized labor (Pfeffer & Baron 1988; Ashford et al. 2007). Conceptually and legally, freelancers are not engaged in employment relationships but act as autonomous independent service providers (Connelly and Gallagher 2004, 977; Gallagher 2008, 108). That is why we should avoid the term “employer” in favor of “client” or “customer”. Freelancers circulate widely, entering separate, relatively short- term business-like relationships with multiple clients. 4 A growing body of literature explores contract professionals across many occupational and institutional contexts: publishing (Storey, Salaman, and Platman 2005), television (Dex et al. 2000; Ursell 2000; Antcliff, Saundry, and Stuart 2007), film (Blair 2003; Apitzsch 2010), translation (Fraser and Arthur 2001), IT, and engineering (Kunda, Barley, and Evans 2002; McKeown 2005; Bidwell and Briscoe 2009; Tremblay and Genin 2010; Donnelly 2011). Not all these workers could be freelancers according to our definition. For instance, in Barley and Kunda’s (2004) study of technical contractors, a majority of informants were hired through staffing agencies, worked for relatively long duration for a single firm and on these firms’ premises. Ozniwitz’s (2010) study of IT-professionals, writers and editors provides subjects that resemble ours. The rise of freelance e-markets New work patterns and organizational models arise through ICTs which facilitate coordination of spatially dispersed economic agents (Malone 2004). Thomas W. Malone and Robert Laubacher combined the ideas of telework and electronic markets in the futurological portrayal of “e-lance economy” (Malone and Laubacher 1998). In this decentralized, project- based economy work tasks are carried out autonomously by independent contractors, who communicate electronically. For a new type оf worker the authors coined the term “e-lancer” (electronic freelancer). They also reflected on the possible infrastructure that could
Load more

Recommended publications
  • Results-Based Management
    Telework Research Network September 2010 Results-Based Management The Key to Unlocking Talent, Increasing Productivity A Prerequisite for Workshifting Initiatives A Business Strategy for Today’s Global, Mobile Workspace Kate Lister & Tom Harnish Principal Researchers Telework Research Network 1 Telework Research Network September 2010 Contents Background .................................3 Case Studies ..............................14 Do You Know? ............................5 Thought Leaders .......................19 Benefits ........................................6 Conclusions ...............................20 Research ......................................7 Resources ...................................21 Method ......................................11 About .........................................22 Performance Goals ....................13 Footnotes ...................................23 2 Telework Research Network September 2010 Background But how do you know they're working IN THIS REPORT if you can't see them? That question, and the fact that it’s asked so often, points to a 70% of the workforce is real problem with management today. in a fog or actively ✦Why results-based Whether your employees are down the hall or thousands of miles away, if you’re not working against success management matters measuring by results, you really don’t know who’s working and who isn’t. In his bestselling book, Drive: The ✦ Who’s doing it Surprising Truth About What Motivates Us, There’s a mismatch Daniel Pink observes that despite four between what
    [Show full text]
  • Can Reputation Discipline the Gig Economy? Experimental Evidence from an Online Labor Market
    Forthcoming, Management Science (2019) Can reputation discipline the gig economy? Experimental evidence from an online labor market Alan Benson, Aaron Sojourner, and Akhmed Umyarov* University of Minnesota Just as employers face uncertainty when hiring workers, workers also face uncertainty when accepting employment, and bad employers may opportunistically depart from expectations, norms, and laws. However, prior research in economics and information sciences has focused sharply on the employer's problem of identifying good workers rather than vice versa. This issue is especially pronounced in markets for gig work, including online labor markets, where platforms are developing strategies to help workers identify good employers. We build a theoretical model for the value of such reputation systems and test its predictions in on Amazon Mechanical Turk, where employers may decline to pay workers while keeping their work product and workers protect themselves using third-party reputation systems, such as Turkopticon. We find that: (1) in an experiment on worker arrival, a good reputation allows employers to operate more quickly and on a larger scale without loss to quality; (2) in an experimental audit of employers, working for good-reputation employers pays 40 percent higher effective wages due to faster completion times and lower likelihoods of rejection; and (3) exploiting reputation system crashes, the reputation system is particularly important to small, good-reputation employers, which rely on the reputation system to compete for workers against more established employers. This is the first clean field evidence of the effects of employer reputation in any labor market and is suggestive of the special role that reputation-diffusing technologies can play in promoting gig work, where conventional labor and contract laws are weak.
    [Show full text]
  • TTL-Twago-Whitepaper.Pdf
    THE WORLD OF WORK IS CHANGING Over the past decade, a growing number of organizations have adopted an increasingly sophisticated and effective integrated approach to managing their workforce. This approach is characterized by a greater use of contingent workers and inclusion of those workers, along with permanent employees, as part of a holistic talent strategy. This movement has largely been driven by a need for greater flexibility and cost control in staffing models, as well as a need to engage the growing number of workers who choose agile or flexible employment as a preferred career strategy. In particular, 38% of all millennials are choosing flexible work, according to Forbes. Since millennials will comprise more than half of the total working population by 2020, the flexible worker will become even more common. Independent studies by Staffing Industry Analysts, Bersin, and Baker & McKenzie show that the contingent workforce will grow to approximately 30-40 percent by 2020. While a growing number of companies are applying integrated talent strategies that utilize both flexible and permanent workers, there are challenges to this approach. Many companies struggle with compliance issues. These same employers may also struggle to implement effective recruitment, engagement and hiring strategies across a wide range of worker types, from contingent workers and contractors, to consultants and freelancers. In addition, there is often a lack of transparency for statement of work projects (SoW) that are typically managed solely by line managers. THE RISE OF MSP PROGRAMS AND THE CHALLENGE OF THE “CLOSED LOOP” These challenges are reminiscent of the early 2000s, when temporary workers became more widely embraced among organizations.
    [Show full text]
  • Where Is Contingent Workforce Management Headed?
    The Future is Now- Where is Contingent Workforce Management Headed? North America Speakers: Andrew Karpie, Research Analyst, Staffing Industry Analysts Dawn McCartney, Director, CW Strategy and Research, Staffing Industry Analysts Jon Osborne, VP of Research, Staffing Industry Analysts Bryan Pena, VP of CW Strategy & Research, Staffing Industry Analysts Moderator: Subadhra Sriram, Editorial Director, Staffing Industry Analysts January 22, 2013 10 am PT/ 1 pm ET This webinar is broadcast through your computer speakers via the audio broadcasting icon on your screen. You may adjust the sound volume by using the slide bar on the audio broadcasting icon. If you cannot access the audio, you may dial into the call by dialing 1-650-479-3208 and using access code 668 105 002 Need further assistance? Contact SIA customer service at 800- 950-9496. Confidential Report – NOT for Distribution | ©2013 by Crain Communications Inc. All rights reserved. North America Audio for the Webinar • Listen through your computer by turning on your speakers after you log into the event. Sound will be coming through this icon: • Do not close this audio broadcast box. • To increase the volume of sound coming through your computer speakers adjust the sound bar on the audio broadcast box shown above. • If you continue to have trouble, please submit your need for assistance in the Q&A section. This webinar is broadcast through your computer speakers via the audio broadcasting icon on your screen. You may adjust the sound volume by using the slide bar on the audio broadcasting icon. If you cannot access the audio, you may dial into the call by dialing 1-650- 479-3208 and using access code 668 105 002 Need further assistance? Contact SIA customer service at 800-950-9496.
    [Show full text]
  • Can Reputation Discipline the Gig Economy? Experimental Evidence from an Online Labor Market
    This article was downloaded by: [8.9.237.33] On: 06 March 2020, At: 11:24 Publisher: Institute for Operations Research and the Management Sciences (INFORMS) INFORMS is located in Maryland, USA Management Science Publication details, including instructions for authors and subscription information: http://pubsonline.informs.org Can Reputation Discipline the Gig Economy? Experimental Evidence from an Online Labor Market Alan Benson, Aaron Sojourner, Akhmed Umyarov To cite this article: Alan Benson, Aaron Sojourner, Akhmed Umyarov (2019) Can Reputation Discipline the Gig Economy? Experimental Evidence from an Online Labor Market. Management Science Published online in Articles in Advance 12 Sep 2019 . https://doi.org/10.1287/mnsc.2019.3303 Full terms and conditions of use: https://pubsonline.informs.org/Publications/Librarians-Portal/PubsOnLine-Terms-and- Conditions This article may be used only for the purposes of research, teaching, and/or private study. Commercial use or systematic downloading (by robots or other automatic processes) is prohibited without explicit Publisher approval, unless otherwise noted. For more information, contact [email protected]. The Publisher does not warrant or guarantee the article’s accuracy, completeness, merchantability, fitness for a particular purpose, or non-infringement. Descriptions of, or references to, products or publications, or inclusion of an advertisement in this article, neither constitutes nor implies a guarantee, endorsement, or support of claims made of that product, publication, or service. Copyright © 2019, The Author(s) Please scroll down for article—it is on subsequent pages With 12,500 members from nearly 90 countries, INFORMS is the largest international association of operations research (O.R.) and analytics professionals and students.
    [Show full text]
  • For Personal Use Only Use Personal For
    PROSPECTUS FREELANCER LIMITED ACN 141 959 042 For personal use only UNDERWRITER PTY LTD ACN 086 281 950 IMPORTANT NOTICES Offer into account the investment objectives, financial examined by market participants prior to the The Offer contained in this Prospectus is an situation or particular needs of any prospective raising of funds. Applications received during invitation for you to apply for fully paid ordinary investor. this exposure period will not be processed until shares in Freelancer Limited (Freelancer or Before deciding to invest in the Company, after the expiry of that period. No preference Company). This Prospectus is issued by you should read the entire Prospectus and in will be conferred on Applications received Freelancer. particular consider the assumptions underlying during the exposure period. Lodgement and listing the financial forecasts and the risk factors that Electronic Prospectus could affect the Company’s business, financial The Prospectus is available in electronic form This Prospectus is dated 21 October 2013 and condition and results of operations. You should was lodged with the ASIC on that date. It is via www.freelancer.com/investor. The Offer carefully consider these risks in light of your constituted by this Prospectus in electronic a replacement prospectus which replaces personal circumstances (including financial the prospectus dated 14 October 2013 that form is only available to persons receiving this and taxation issues) and seek professional Prospectus in electronic form within Australia. It was lodged with ASIC on that date (Original advice from your accountant, financial adviser, Prospectus). No securities will be issued on is not available to persons in other jurisdictions stockbroker, lawyer or other professional adviser (including in the United States).
    [Show full text]
  • Entrepreneurial Ecosystems Around the Globe and Early-Stage Company Growth Dynamics
    Entrepreneurial Ecosystems Around the Globe and Early-Stage Company Growth Dynamics January 2014 Project Team Steering Committee World Economic Forum: Members: Michael Drexler, Senior Director, Head of George Foster, Konosuke Matsushita Investors Industries, World Economic Professor of Management at the Graduate Forum USA School of Business, Stanford Maha Eltogby, Director, Head of Private University (Project Co-Leader) Investors, World Economic Forum USA Dan Isenberg, Professor of Entrepreneurship Practice, Babson Stanford University: Executive Education, Babson College George Foster, Konosuke Matsushita Habib Haddad, Chief Executive Officer, Professor of Management at the Graduate Wamda School of Business, Stanford Calvin Chin, Chief Executive Officer, Transist University (Project Co-Leader) Randa Ayoubi, Chief Executive Officer, Carlos Shimizu, Project Manager and Rubicon Group Holding Instructor at the Graduate School of J. Michael Cline, Managing Partner, Business, Stanford University (Project Accretive LLC Co-Leader) Linda Rottenberg, Co-Founder and Chief Steve Ciesinski, Vice President of Strategic Executive Officer, Endeavor Business Development at SRI International and Lecturer at the Graduate School of Thomas Speechley, Partner, The Abraaj Business, Stanford University Group, United Arab Emirates Antonio Davila, Professor and Head of the Arvind Sodhani, President, Intel Capital and Entrepreneurship Department and Executive Vice-President, Intel Corporation Entrepreneurship and Innovation Center at Maria Pinelli, Global Vice Chair
    [Show full text]
  • Create Your Own Job!
    Create Your Own Job! Finding Work in Today’s Economy is Almost Impossible, Creating Your Own Job is the Solution! Create Your Own Job Contents THE TRUTH ABOUT THE JOB MARKET WHY DO FREELANCE? REALISTIC EXPECTATIONS HOW DO I GET STARTED? ONLINE FREELANCE & SUBCONTRACTING FREELANCING WEBSITES HOW TO MARKET YOURSELF ADVANCED TECHNIQUE: MAKING THE SALE PAYMENT OPTIONS WHAT’S NEXT? LAST BUT NOT LEAST 2 Create Your Own Job The Truth about the Job Market It’s no secret that the job market is more volatile and unpredictable than ever these days. Depending on where you live, the unemployment rates can fluctuate from a reasonable 7% to as high as 25% and who knows exactly how high they could go in the near future. Finding a job is almost impossible. Companies everywhere are cutting costs and downsizing like there’s no tomorrow. For many companies there really is no tomorrow; even the “Fail-proof” companies are seeing bankruptcies and buyouts more often than ever in the past 100 years! If you don’t already have a steady, stable job with a well-established company then you definitely picked the wrong decade to be unemployed in. Even if you have a stable job there’s really no telling if it will be there next month, or even next week. So what’s the solution? What can do you? You can’t just magically change the economy and make the job market better; you probably won’t get a lot done by writing a letter to your senator either. Believe it or not there is a solution and it requires a lot of work and dedication but it’s a lot better than being unemployed.
    [Show full text]
  • Make Money from Home
    Make Money From Home (Without The Scams!) www.ultimatemoneyguide.com Contents 1-800-Flowers 2 A Stat Transcription 3 AboutFace 4 Accolade Support 5 AccuTran Global 6 ACD Direct 7 Advanis 8 Airbnb 9 Alpine Access 10 Amphion Medical Solutions 11 Arise Virtual Solutions 12 ARO 13 AskFromExpert 14 Askvisory 15 Blue Zebra Appointment Setting 16 Brighten Communications 17 Cambridge Transcriptions 18 Caption Colorado 19 CashCrate 20 ChaCha 21 Clark Fork Communications 22 ClickNWork 23 1-800-Flowers Opportunity for Homesourcing Description 1-800-Flowers is an established, publicly traded company specializing in delivery of fresh flowers, plants, gift baskets and other special-occasion gift products. The company maintains a virtual call center staffed by at-home customer service agents who handle transactions with customers. 1-800-Flowers increases its at-home customer service workforce during peak seasons such as Valentine’s Day and Mother’s Day. Requirements 1-800-Flowers is currently hiring residents of Delaware, Illinois, Montana, New Hampshire, New Mexico, New York, Ohio, Oklahoma and Oregon. Applicants must be 18 years of age or older with a high school diploma or GED and must have good typing and computer skills. Prior call center experience is an advantage. Before applying, applicants should have in place acceptable Internet, computer, telephone, headset and software specifications in a dedicated, quiet home office.These requirements are listed in detail on the website. Compensation $ 1-800-Flowers hires hourly employees rather than independent contractors. The hourly rate is not listed but has been reported at around $9.00 on work-at-home forums.
    [Show full text]
  • Eric Tips Lessons LESSON #1
    Eric Tips Lessons LESSON #1: Introduction to Eric’s Tips N.B. From me – Peter - Since even for me, famous proverbial diligence :) it's hard to do 91 hyperlinked suppose nobody will be difficult, the address of the first lesson, by changing the number of lessons in the address field of the browser, reach lesson 92 ... :) Main points: We’re going to start at the very beginning. It’s OK if you don’t know anything about online business. I’m going to show you how to build an online business from ‘A’ to ‘Z’. If you’re an experienced internet marketer, please bear with me through the basics, because I’ll be sharing all of my advanced techniques too. I have a lot of personal experience and success in online business, which qualifies me to teach you what I know. I’m a “normal” guy, and I’m going to try to avoid the hype as much as possible. Action steps: 1) White list this email address: [email protected] (put me on your “safe list” to make sure you receive the lessons). For detailed instructions, please see: Whitelist instructions 2) Make a folder to save all the emails you receive from me. 3) Commit to following each lesson. As always, you are welcome to post your questions and comments below. Have a great day! LESSON #2: What is an online business? Main points: My personal definition is that it’s a business which is conducted primarily on the internet. A website is NOT an online business. It’s not a job.
    [Show full text]
  • FUTURE of INTERNET Future of Internet Bit Bang 4 Bit Bang 4
    FUTURE OF INTERNET Future of Internet Bit Bang 4 Bit Bang 4 Bit Bang – Future of Internet: Societal, business, governance and technological aspects was the fourth multidisciplinary postgraduate course for Aalto University doctoral students. A total of 24 students from five Aalto University Schools participated in this two-semester course. The objective of the course was to teach the students teamwork, multidisciplinary collaboration, global perspective, industry and business foresight, and scenario building. In addition to normal class activities the students studied in six person teams factors that influence the future of Internet. Here the students were encouraged to take novel and even radical views. This joint publication contains the final reports of the teamwork assignments. Based on these chapters and other relevant information the course produced four eye opening scenarios on the future of Internet reaching up to 2025. Bit Bang post graduate courses are organised by Aalto University’s Multidisciplinary Institute of Digitalisation and Energy (MIDE). The earlier Bit Bang books are freely available from the MIDE web site. Yrjö Neuvo & Elina Karvonen (eds.) http://mide.aalto.fi ISBN 978-952-60-3610-6 Aalto University’s Multidisciplinary Institute of Digitalisation and Energy (MIDE) Bit Bang IV Future of Internet - Societal, business, governance and technological aspects ISBN 978-952-60-3610-6 (PDF) Cover: Petri Saarikko Layout: Unigrafia / Mari Soini Printed by: Unigrafia, 2012 Table of Contents FOREWORD 4 REFLECTIONS ON BIT BANG 4 7 FUTURE OF INTERNET - SOCIETAL, BUSINESS, GOVERNANCE AND TECHNOLOGICAL ASPECTS 9 Are We All Criminals? 10 Back to the Future – Prediction of Incremental and Disruptive Innovations 33 From Democratizing Innovation to Innovating Democracy 64 Proliferation of the Crowdsourcing Phenomenon 94 Internet, Find Me a Job! 111 Gamification of Life: the Rise of Gaming and Its Effects on Society 133 How to Control the Internet? – A Complexity Perspective 167 Education Reloaded: From Socrates to Udacity.
    [Show full text]
  • Freelancer Limited Acn 141 959 042
    PROSPECTUS FREELANCER LIMITED ACN 141 959 042 UNDERWRITER PTY LTD ACN 086 281 950 IMPORTANT NOTICES Offer into account the investment objectives, financial examined by market participants prior to the The Offer contained in this Prospectus is an situation or particular needs of any prospective raising of funds. Applications received during invitation for you to apply for fully paid ordinary investor. this exposure period will not be processed until shares in Freelancer Limited (Freelancer or Before deciding to invest in the Company, after the expiry of that period. No preference Company). This Prospectus is issued by you should read the entire Prospectus and in will be conferred on Applications received Freelancer. particular consider the assumptions underlying during the exposure period. Lodgement and listing the financial forecasts and the risk factors that Electronic Prospectus could affect the Company’s business, financial The Prospectus is available in electronic form This Prospectus is dated 21 October 2013 and condition and results of operations. You should was lodged with the ASIC on that date. It is via www.freelancer.com/investor. The Offer carefully consider these risks in light of your constituted by this Prospectus in electronic a replacement prospectus which replaces personal circumstances (including financial the prospectus dated 14 October 2013 that form is only available to persons receiving this and taxation issues) and seek professional Prospectus in electronic form within Australia. It was lodged with ASIC on that date (Original advice from your accountant, financial adviser, Prospectus). No securities will be issued on is not available to persons in other jurisdictions stockbroker, lawyer or other professional adviser (including in the United States).
    [Show full text]